ATO cracking down on super schemes

The tax office is in the process of reviewing a number of cases where it appears taxpayers are inappropriately using their superannuation funds to minimise or avoid paying tax. Late last week, the ATO issued a taxpayer alert indicating it is reviewing arrangements where individuals divert their personal services income to an SMSF to minimise…

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Property firm hit for false super claims

The director of Consumer Affairs Victoria has accepted an enforceable undertaking from a property investment company that made false claims related to investing in a superannuation fund. Earlier this month, Consumer Affairs announced that it had accepted an enforceable undertaking from Melbourne-based Accrue Property. Consumer Affairs found that Accrue made several false or misleading statements…

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SMSF industry continues to grow, according to ATO statistics

According to statistics released by the ATO on 17 December 2014, the number of self-managed super funds (SMSFs) has increased by 29% to 534,000 in 5 years and with total assets growing to $557bn. The statistics are featured in the ATO’s report entitled, Self-Managed Superannuation Funds: A Statistical Overview 2012-13.   “SMSFs account for 99 per cent of…

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